WesBanco has completed its previously announced acquisition of Old Line Bancshares in a deal valued at around $500m.
Under the agreement, Old Line merges with and into WesBanco. The consolidation creates a lender with around $15.7bn in total assets.
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Earlier this month, the West Virginia-based lender received all regulatory approvals to close the deal.
As part of the deal, former Old Line directors James Cornelsen and Gregory Proctor, Jr. secured seats on the WesBanco board.
WesBanco president and CEO Todd Clossin said: “We are pleased to welcome the customers and employees of Old Line to the WesBanco family, and are excited about the opportunities this merger presents; in particular, the combination of Old Line’s market presence and loan growth with our enhanced products and services and deposit funding advantage.
“We believe this strategic partnership will provide the opportunity to attract additional talent, add market share, and drive positive operating leverage.”
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By GlobalDataWesBanco signed an agreement to acquire Maryland-based peer Old Line Bancshares in July this year.
The all-stock deal involved transferring 0.7844 of a share of WesBanco common stock to Old Line stockholders for each share they held.
The merged entity has 236 financial centres in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
All former Old Line branches will continue to operate under its previous brand till conversion of the systems are complete.
